Strategic Metals Ltd. announces drill results from three projects in Yukon Territory
VANCOUVER, BC--(Marketwired - December 06, 2016) - Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic") announces the results from 2016 diamond drill programs, which tested gold targets at its Mars, Hopper and Hartless Joe properties in southern Yukon. Very encouraging silver assays from 2016 diamond drilling at the Salloon property were previously reported (see news release dated October 12, 2016).
Mars
Diamond drilling in 2016 at the Mars property, located 65 km north of Whitehorse, totalled 393.19 m in three holes. The drill holes stepped out 50 to 100 m from a 2004 drill intercept (6.44 g/t gold over 4.57 m), within an area of dense vegetation and pervasive till cover. A map showing drill hole locations is available on Strategic's website.
| Table 1: Significant Drill Intersections - Mars Property | ||||||||||||
| Hole | From (m) | To (m) | Intv. (m)* | Gold (g/t) (Fire Assay) | Gold (g/t) (Cyanide Recoverable) | Gold Recovery ** | ||||||
| MAR-16-001 | 0.00 | 17.37 | 17.37 | 0.65 | 0.52 | 80.0% | ||||||
| Incl. | 0.00 | 3.05 | 3.05 | 2.24 | 1.65 | 73.7% | ||||||
| MAR-16-001 | 71.44 | 76.8 | 5.36 | 0.40 | 0.37 | 91.9% | ||||||
| MAR-16-003 | 27.47 | 32.46 | 4.99 | 0.87 | 0.72 | 82.4% | ||||||
| Incl. | 31.46 | 32.46 | 1.00 | 2.27 | 1.84 | 81.1% | ||||||
| MAR-16-003 | 44.53 | 47.28 | 2.75 | 0.53 | 0.44 | 82.9% | ||||||
| MAR-16-003 | 120.43 | 122.22 | 1.79 | 0.98 | 0.81 | 82.7% | ||||||
* True widths are uncertain because geological controls have not yet been established.
** Gold recovery is equal to the cyanide recoverable gold divided by the fire assay gold multiplied by 100.
*** Hole MAR-16-002 did not return any significant results
The Mars property covers the southern part of the Teslin Crossing Pluton, a Mid-Cretaceous alkaline intrusion located in the Stikinia Terrane. The drill core was unoxidized and contained minor pyrite, chalcopyrite and magnetite in quartz-carbonate veinlets, along fractures and as disseminations, within altered plutonic rocks.
Cyanide solubility tests were conducted on mineralized intersections to determine gold recoverability. A total of 17 samples were analyzed for total cyanide soluble gold. Recoveries ranged from 73.7% to 97.7%, with a mean of 85.5%.
Hopper
The Hopper property is located along the Aishihik road in southwestern Yukon. The property lies within the Yukon-Tanana Terrane and is intruded by a Late Cretaceous granodiorite pluton. The approximately 3 km diameter hydrothermal system is centered on a porphyry-style copper zone that is flanked by stacked skarn horizons and distal veins. Skarn horizons have been the focus of most exploration. They have shallow dips and are open in all directions.
The 2016 drilling stepped out to test up dip and along strike projections of gold-rich skarn horizons intersected in previous drill holes. A total of 2,156.26 m was done in seven diamond drill holes. A map showing drill hole locations can be found on Strategic's website. Results are summarized on the following table.
| Table 2: Significant Drill Intersections - Hopper Property | ||||||||||
| Hole | From (m) | To (m) | Intv. (m)* | Copper (%) | Gold (g/t) | |||||
| HOP-16-010 | 180.52 | 190.98 | 10.46 | 0.206 | 0.09 | |||||
| HOP-16-010 | 204.84 | 214.21 | 9.37 | 0.270 | 0.09 | |||||
| HOP-16-011 | 119.95 | 127.76 | 7.81 | 0.311 | 0.11 | |||||
| HOP-16-014 | 94.90 | 99.49 | 4.59 | 0.414 | 0.54 | |||||
| HOP-16-014 | 183.64 | 189.41 | 5.77 | 0.573 | 0.47 | |||||
| HOP-16-014 | 226.00 | 229.00 | 3.00 | 0.610 | 0.12 | |||||
| HOP-16-015 | 37.50 | 41.02 | 3.52 | 1.168 | 0.67 | |||||
| HOP-16-015 | 180.05 | 191.03 | 10.98 | 0.271 | 0.10 | |||||
| HOP-16-016 | 60.89 | 66.13 | 5.24 | 0.437 | 0.27 | |||||
| HOP-16-016 | 354.02 | 356.20 | 2.18 | 0.044 | 2.33 | |||||
| HOP-16-016 | 360.79 | 362.01 | 1.22 | 0.936 | 1.16 | |||||
* True widths are estimated to be approximately 90-95% of the interval
** Holes HOP-16-012 and HOP-16-013 did not return any significant intersections
Hartless Joe
The Hartless Joe property is located 28 km east-northeast of Whitehorse in southern Yukon Territory. High grade results were previously reported from three surface showings located in the north-central portion of the property (see news release dated July 28, 2016).
The Hartless Joe property lies within the Stikinia Terrane, which hosts the precious metal rich deposits of the Golden Triangle in northern British Columbia. The deposits of the Golden Triangle contain vein, porphyry and stratabound mineralization and include the Brucejack/Snowfield project, the KSM project, the Premier mine and the Eskay Creek mine.
The 2016 work on the Hartless Joe property targeted stratabound horizons that occur in localized intravolcanic basins. Exploration has identified three showings (Ace, King and Queen) all of which contain minor galena, sphalerite, chalcopyrite and pyrite occurring as bands and disseminations within quartz horizons. The mineralized horizons have bedded sediments in their hanging walls and either altered volcanic flows or intrusive sills in their footwalls. The showings occur at different levels within the volcanic stratigraphy.
Diamond drilling at the Hartless Joe property in 2016 totalled 367.3 m, with five holes at the King Showing and one hole at the Queen Showing. Drill holes intersected weakly silicified sediments containing disseminated, banded and fracture filling sulphides, down-dip of mineralized exposures. However, gold assays yielded low values, with a maximum of 1.57 g/t over 2.78 m in hole HAR-16-001.
QAQC
Analytical work was done by ALS Minerals, with sample preparation and geochemical analyses in North Vancouver, British Columbia. All rock samples were analyzed for gold by fire assay fusion and inductively coupled plasma-atomic emission spectrometry (Au-ICP21) and 48 other elements by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (ME-MS61). Overlimit values were determined for copper and silver by four acid digestion and inductively coupled plasma-atomic emission spectroscopy (Cu- and Ag-OG62). Cyanide soluble assays were performed by ALS Minerals (Au-AA13). Certified assay standards, coarse reject duplicates, field duplicates and blanks were routinely inserted into the sample stream to ensure integrity of the assay process. All of the results reported have passed the QAQC screening.
The 2016 program on all three properties was managed by Archer, Cathro & Associates (1981) Limited (Archer Cathro). Technical information in this news release has been approved by Matthew Dumala., a senior geological engineer with Archer Cathro and a qualified person for the purpose of National Instrument 43-101.
About Strategic Metals Ltd.
Strategic is a project generator and the largest claim holder in Yukon, which the Fraser Institute recently rated as the best jurisdiction in Canada for mineral potential. Strategic's portfolio of more than 100 projects is the result of 50 years of focussed exploration and research by a team with a track record of major discoveries. Current projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features, similar to those at nearby deposits.
Strategic has a current cash position of over $18 million and significant shareholdings in a number of active mineral exploration companies including 41.4% of Rockhaven Resources Ltd., 8.3% of ATAC Resources Ltd., 33.4% of Precipitate Gold Corp., and 16.5% of Silver Range Resources Ltd.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Contact
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Corporate Information
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Investor Inquiries
Richard Drechsler
V.P. Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@strategicmetalsltd.com
http://www.strategicmetalsltd.com